Raising Equity and Venture Capital on Main Street

 
I had done a little research about Thrillist before I sat down with its founders, Adam Rich, 30 (left in photo) and Ben Lerer, 28,  former U Penn frat brothers. "So you have 1.8 million subscribers, that about right?" I asked. Ben said, "It's 1.9 million, but depending on how fast you type it could be two million."
Thrillist is a media and e-commerce company targeting young urban guys. Based in the heart of SoHo, its 16 editions in U.S. cities and London (probably 17 depending on how fast I type) inform a twentysomething audience with plenty of walking-around money about what's opening (bars, restaurants, clubs). So whether you live in or plan to visit New York, Atlanta, Austin, Boston, Chicago, Dallas, the Hamptons, and a bunch of other places, you'll know what's hot. The company, with 60 employees, also just bought online clothing retailer JackThreads in a move to diversify […]

Because I believe big companies are wonderful teachers for entrepreneurs, here's another Verizon story you. I was in Manhattan yesterday and had to kill some time before an appointment. I happened upon a Verizon store with a huge poster for Droid phones in the window.  So I went in. Not many customers, and quite a few salespeople. I was approached immediately by a rep who asked if I needed help. I said I was interested in a Droid phone. He said, "Great phone," and walked me over to a display of Droid phones….and walked away, to talk to another Verizon rep.
I am at the Droid display kiosk, which consists of sample phones that are powered on and tethered to cords, and monitors with touch-screen activated promotional videos. I don't know how to use the phones, so it's not much help to have them there and switched on. I can push […]

In your business, do you belong to one or more trade associations as a vendor or supplier?
I have a love-hate relationship with one that I belong to. While business models for just about everything have changed over the years, the trade association/supplier model feels stuck to me. I pay my $400 a year for membership, and I get listed in the directory. If the level of engagement between me and the buyers (the real members of the association) is not what it should be (that is, I don't seem to get very much attention for being a member) I tend to blame the association.
Of course, I know it's not their fault, it's me. I could do all those association things you're supposed to do as a supplier, especially join committees! But truth be told, I hate committees.  Suppliers can also sponsor stuff! I do this about once or twice a […]

Isn't it great when a business delights you in an unexpected way? In my business, we use hand-trucks every day. We have tried all kinds at every price point, and have standardized on a high-end convertible flat-bed model that we purchase at Home Depot. One of the hand-trucks had a problem — the tires were constantly going flat.  So we brought the misbehaving hand-truck back to Home Depot yesterday. It's about a year or two old.
The customer service rep asked my employee what our problem was, he explained the tire problem, and the rep took the hand-truck back and gave my worker a new one. And, they threw in a free air pump to keep the tires inflated. Free, as in no charge. Did I mention it was free? That just impressed the heck out of me. Maybe I shouldn't have been so taken by this gesture on their part. […]

A few weeks ago, I got a letter in the mail from Verizon letting me know that my  final bill was on its way to me. What? Did I forget to pay for a few months? I have my home and cell phones and Internet connectivity with Verizon, so the possibility of imminently being cut off from the world made my shudder. I picked up the phone and called Verizon. The customer service rep told me the letter was a mistake, that my account was not in arrears, and she apologized. Then she asked if she could review my account, which I gave her permission to do.
She asked me if I'd like to hear more about getting Verizon FIOS television service, to replace Cablevision. Well, I'd been through this before, even switching to FIOS TV, not realizing I would not be able to watch MSNBC because of its exclusive arrangement […]

For 17 years in the Eighties and Nineties, I worked for a publisher of technology magazines. The company's founder had an expression he liked to use in economic times such as these: "There's a recession but we're choosing not to participate." The company did have occasional layoffs during the years I was there. While each layoff was difficult, the company always grew stronger shortly afterward.
I noticed that among the layoffs were people who were solid, even exceptional performers in their jobs, but not as emotionally intelligent as others.  They might have produced good results, but they rubbed people the wrong way and didn't have allies.  I came to be in that camp a few years later, at a different company.  I was there for just a year, hired by someone I had worked for years before. Rather than paying a lot of […]

John Warrillow, the author of the new book Built to Sell: Turn Your Business into One You Can Sell, was sitting at Gotham restaurant in New York City. His investment banker was to his right and the two men representing the company that was just about to buy his business were directly in front of him. Wine flowed. Steaks were enjoyed. Finally, the dinner plates were cleared, and his hosts asked him a question that undid all his efforts to sell his business.
"So, why do you want to sell your business?" Read more…
One Tricky Question Can Blow the Sale of Your Business originally appeared on About.com Entrepreneurs on Sunday, May 9th, 2010 at 09:53:23.
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A common thread runs through many conversations I have with solo-entrepreneurs of service or consulting businesses. Many are making strategic choices — which markets to focus on, how to position themselves and their products — based on which choice offers the best potential financial payoff. So, what's wrong with that? It's a rational thing to do, right?
Not right. The important element in deciding how to position yourself as a solopreneur  is to make decisions based on what you're passionate about. If you pursue Market A over Market B because B already has a lot of competition, even though B is what you really care about, that's a shame. There is no market so crowded or monopolized that you can't break through if you're smart enough. You don't need me to give you examples of companies and individuals beating the odds, because there are tens of thousands, millions probably.  You know […]